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Thursday, September 29, 2011

Did you know we have a Facebook page too? Click the Like button to the right of the blog and Like us on Facebook. There you can stay up to date on all our blog posts.

Speaking of blog posts, we are changing our posting schedule a bit. Starting tomorrow, we will have a special guest post on Fridays. Our in-house posting will change to Mondays and Wednesdays. If you or someone you know might be interested in writing a guest post, please contact us at marketing.ppmrents (at) gmail (dot) com. It can be anything to do with real estate, home improvement, or property management.

Thursday, September 22, 2011

It's the question on everybody's minds. When will the housing market and the economy in general stabilize? When will our house prices quit dropping? When will we be able to not hear all this talk about recession anymore?? (Maybe that last one is just me.) Well, a few sources seem to think we are getting to the end of all this hullabaloo. According to a recent article in the St Louis Post-Disptach, "PNC
Financial Services Chief Economist Stuart
Hoffman thinks [housing prices have] almost fallen far enough. He told a
group of the bank's clients today that St. Louis area housing
prices will fall about 5 percent this year, then stabilize in
2012." I'm sure this is welcome news for most of us.
So if you are looking to invest right now while prices are low, we can manage your properties in an affordable manner. You can get a good return on your investment, and not have to deal with all the headaches that come with tenants. You won't have to worry with Provident on your team. Contact us today.

What's that, you just want to move now but aren't sure you can sell your previous house? No problem. We can help you too! Contact us and we can help you find a renter so you can wait until prices stabilize to sell.

Tuesday, September 20, 2011

What do you tell someone who asks about your job? How would you explain what you do?

Here's our explanation-
Alann is a rental property manager. He finds people who own a house that want or need to find a tenant to rent the house from them. He evaluates the unit and helps the owner decide on a fair amount to expect from the rental. He then markets said property and attempts to secure a tenant for that amount. He runs background checks on potential tenants to ensure the unit will be taken care of properly. Every month, the tenant writes a check to Provident Property Management for the rent. Alann takes care of any maintenance or needs of the property, and writes a check for the balance to the owner.

"Does Provident only manage houses?"
No, of course not! Alann will manage any rental property- single family houses, duplexes, triplexes, apartment complexes. If someone owns a property that is legally considered a dwelling, Alann can manage it for the owner.

"What about investors with multiple units? Can Provident manage multiple units?"
Of course! Imagine the ease of only dealing with one check at the end of the month, instead of dealing with multiple checks coming in at various times throughout the month. With that check comes an itemized listing of any maintenance or other expenses associated with the properties, so the investor (you!) always knows exactly where his money is going. Imagine the ease of knowing that all of the units are rented, and if there are vacancies, that someone else is managing those vacancies and working to fill them as quickly as possible.

"What if I just want to rent my home out for a short time, say until the market turns around and I can sell it?"
Perfect! We can definitely help you. Provident doesn't make you sign a contract for a specific amount of time. To make things simple, we focus on tenant-terms. If you come to us with a house that you want to rent for a year, you pay the $150 set up fee (discussed under pricing), then we work on getting a tenant. When the tenant's lease is up, you are free to leave for whatever reason. We won't charge you a going-away fee if the unit is vacant. If you choose to continue allowing us to manage, there is no cost to you to get a new tenant.

Thursday, September 15, 2011

Here are some excellent tips for Fall Home Maintenance from Sound Money Matters. Check these items soon before the weather turns chilly.

Check Weatherstripping on Windows and Door Frames
Check the weatherstripping around windows and door frames for drafts now. Then head to the home repair store to pick up new materials. Damaged weatherstripping can allow leaks during a heavy rain storm. They also let the warm air out and cold air in, which will increase your home heating costs. If the draft is really bad and weatherstripping doesn’t fix it, you may need to replace the window.

Look for Roof Leaks
During the next rain, go up in your attic and look for leaks. Also check ceilings and around windows for leaks. If you find anything, caulk the windows or call a roofer for repair. Do it now, before the winter really sets in!

Clear Brush Around the House
Clear brush that could become a haven for insects and rodents. If you live in a fire zone, clear any brush or shrubbery that overgrew during the summer.

Test the Furnace
You don’t want to find out your furnace is broken on the first cold night. So, crank up the heat now to test the furnace. You may notice a bad smell at first. If it doesn’t clear up soon, call an HVAC specialist to check the system.

Check the Fireplace for Cracks and Brush
Fall leaves have a way of gathering around the chimney. Clear out the chimney cap to prevent sparks from starting a fire on the roof. You should call a chimney service to inspect your chimney and any gas lines leading to it for cracks or leaks. A damaged chimney or gas line could start a fire in your house.

Tuesday, September 13, 2011

Looking to invest in some rental properties? Think about buying foreclosed houses. These can be a GREAT investment. I know, I know. There are a lot of bad perceptions out there about foreclosed properties. The owners' trashed the place, or stripped the copper. The locations are all terrible. But in our current situation, that simply isn't the case. A lot of foreclosures are in nice neighborhoods where the owners simply could not afford the house payment. Maybe there was a layoff or medical problem involved. But according to RealtyTrac, foreclosures are worth looking into.
According to the article:

"Highlights from the RealtyTrac 2nd Quarter Foreclosure Sale Report for the St. Louis metro area:

The average sales price of a foreclosure sale home was $80,067 which
represented a 43.40 percent discount from a non-distress sale

For the U.S., the average sales price was $164,217 and the average discount 33.09 percent.

Of the 2,138 foreclosure sales during the quarter, 684 were
pre-foreclosure sales and sold at an average price of $95,243 which is a
32.67 percent discount.

For the U.S., the average sales price was $192,129 and the average discount 20.51 percent.

Of the 2,138 foreclosure sales during the quarter, 1,454 were REO’s
and sold at an average price of $70,356 and an average discount of 50.26
percent.

For the U.S., the average sales price was $145,211 and the average discount 39.92 percent."

Okay, so now you are considering it. But what do you look for in a foreclosed home, either for your family or for an income property? Consider this article: What to look for when buying a foreclosed home. Start there, and do some research.
And when you do buy that foreclosed home, either for your family or for an income property, contact us to manage your new rental property, or to manage your previous home if you are unable to sell it. We work with investors and home owners who cannot sell.

Thursday, September 8, 2011

I ran across this interesting article about how the Economic reality shifts thinking on homeownership. It made several great points about our current situation and the American dream about owning a home. Basically, times have changed. People are staying in their homes for longer before trying to sell them. Others are choosing to rent for longer, even when they could afford to buy.
This little tidbit caught my eye: "Legions of homeowners remain underwater on their mortgages or unable to move because they can’t sell their house." Also from the article "a recent report from Morgan Stanley found that
the U.S. homeownership rate has fallen below 60 percent when delinquent
borrowers are excluded, a sign of the country’s move toward a
'rentership society.'"

If this sounds like you, contact us. Whether you already own an income property, or need or want to move out of your current home but cannot sell it, call us! We can manage your property, find a quality tenant who will care for your property, and you can hold your house until you are able to sell it, and possibly make a profit in the meantime!